ALBANY, N.Y. - The deadline to file your tax return is midnight on Monday, April 15th.
More than 75 percent of Americans file their taxes electronically, however some people may still prefer to mail their taxes. Either way, Monday is the tax deadline and if you haven't finished your taxes by Monday at midnight, it is time to take action.
Mike Zovistoski with UHY LLP in Albany says the first thing last-minute filers need to do is figure out what their tax situation is. If you are due a refund, you will not be penalized any late fees. If you owe the government money and haven't finished your return, get organized.
"You don't want to rush to file a tax return because if you rush you are bound to make errors," Zovistoski said. He says a mistake is the last thing you want on your tax return, so in order to avoid that and thousands of dollars in fees, the best bet might be to file an extension online.
"You receive an extra six months to file your taxes, until October 15th," Zovistoski said. "Late filing penalties are five percent a month up to 25 percent."
An extension won't allow more time to pay, but there are options there too: The IRS may allow you to set up a payment plan, you could consider paying with other means such as a credit card, a 401K, or savings account.
Some post offices stay open late on Tax Day. The post office on Karner Road has extended hours until 7:00 p.m. Monday and the post office at Colonie Center mall will be open until 8:00 p.m.
The IRS has some advice
for taxpayers who missed the tax filing deadline.
IRS Offers Tips for
Taxpayers Who Missed the Tax Deadline:
File as soon
as possible. If you
owe federal income tax, you should file and pay as soon as you can to minimize
any penalty and interest charges. There is no penalty for filing a late return
if you are due a refund.
interest may be due.
If you missed the April 15 deadline, you may have to pay penalties and interest.
The IRS may charge penalties for late filing and for late payment. The law
generally does not allow a waiver of interest charges. However, the IRS will
consider a reduction of these penalties if you can show a reasonable cause for
your best option. IRS e-file programs are available
through Oct. 15. E-file is the easiest, safest and most accurate way to file.
With e-file, you will receive confirmation that the IRS has received your tax
return. If you e-file and are due a refund, the IRS will normally issue it
within 21 days.
Free File is
Everyone can use IRS Free File. If your income is $57,000 or less, you qualify
to e-file your return using free brand-name software. If you made more than
$57,000 and are comfortable preparing your own tax return, use Free File
Fillable Forms to e-file. This program uses the electronic versions of paper IRS
forms. IRS Free File is available only through IRS.gov.
Pay as much
as you can. If you
owe tax but can't pay it all at once, you should pay as much as you can when you
file your tax return. Pay the remaining balance due as soon as possible to
minimize penalties and interest charges.
Agreements are available. If you need more time to pay your
federal income taxes, you can request a payment agreement with the IRS. Apply
online using the IRS Online Payment Agreement Application tool or file Form
9465, Installment Agreement Request.
be waiting. If
you're due a refund, you should file as soon as possible to get it. Even if you
are not required to file, you may be entitled to a refund. This could apply if
you had taxes withheld from your wages, or you qualify for certain tax credits.
If you don't file your return within three years, you could forfeit your right
to the refund.
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